Were you the victim of Merrill Lynch, Pierce, Fenner & Smith Incorporated broker Thomas Murphy (CRD# 5654189)? He was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in New York, New York, from 2010 to 2018, when he was terminated regarding, “Signing subscription agreements with a non-affiliated, third-party investment advisor on behalf of the Firm without authorization, and failing to comply with a direction from management.”
In February 2020, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and he was suspended for four months following allegation that he assisted “clients of the firm’s self-directed brokerage business invest in third-party private real estate funds.” According to FINRA’s findings, he “executed seven of the subscription agreements after his firm instructed him to cease any involvement with the third-party fund manager. Murphy did not receive any compensation from the third-party fund manager for his actions. Murphy’s conduct created confusion over the firm’s role in the investments and whether the transfers from the clients’ IRAs to the private funds would be treated as qualified distributions.”
Thomas Murphy Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
June 2023. “Client alleges financial advisor failed to act in his best interest and made an unsuitable investment recommendation in October 2017.” The customer is seeking $150,000 in damages, and the case is currently pending. The complaint was regarding direct investments, and it took place while he was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Merrill Lynch, Pierce, Fenner & Smith Incorporated may be liable for investment or other losses suffered by Thomas Murphy’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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